Tuesday, May 31, 2011
What is wrong with the Property Appraiser's Office? By Geniusofdespair
I looked up a few condos in 3301 NE 183rd Street. The property appraiser put the assessed value for unit 2509 at $135,506 (in 2009 it was appraised at $548,716). Quite a drop. It sold for $790,000 in February so it was never worth $135,506. Unit 1503's assessed value was $137,527 in 2010 ($488,012 in 2009). May 11th it sold for $810,000. Unit 809 sold for $655,000 in September of 2010. It was assessed at $135,506 for 2010. Unit 1509 went for $700,000 in February, it was assessed at $135,506 in 2010 (in 2009 it was assessed at $490,543).
My question, is the property appraiser's office really incompetent on their assessments or are they giving the developers a free ride? Are we losing county property tax funds on undervalued properties? I would say that a property that sold for $810,000 given an assessed value of $137,527 is pretty far off the mark. It is hard for me to accept a tax hike when you see assessments like this. Remember my examples are only a few units in a large building of 223 condos. How are the rest in this building and other buildings under-valued at our expense?
Here is the tax information for one unit: